Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate committee reviews CUC–CEDA preferred‑stock dividends, requests records on payments
Summary
At an informational hearing Feb. 20, the Senate Public Utilities, Transportation and Communications Committee heard CUC and CEDA officials describe the 2009 preferred‑stock arrangement that yields annual dividends to CEDA, pressed for reconciled payment totals and discussed proposals to return dividends to the utility for infrastructure work.
At an informational hearing Feb. 20, the Senate Public Utilities, Transportation and Communications Committee heard officials from the Commonwealth Utilities Corporation (CUC) and the Commonwealth Economic Development Authority (CEDA) review a 2009 preferred‑stock arrangement under which CUC pays dividends to CEDA and senators asked for documents reconciling differing payment totals.
Committee members said the discussion matters because the dividend payments affect both CUC’s cost recovery and CEDA’s ability to fund infrastructure projects. Senators and agency officials described past legislative proposals to return dividends to CUC so the utility could use the funds for new engines or other capital work.
CUC and CEDA officials traced the arrangement to infrastructure loans made around 1988. CUC officials said the loans for electric and later sewer and wastewater…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
